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by Stockbrokers, which should be considered as information concerning likely
market behaviour rather than advice on the securities mentioned. Do not
act on the contents of this Report without first reading the important information
included at the end.

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Credit Suisse suggests it will not be easy to roll-out the easyauto123 used car model (pun intended). The format is relatively new and the forecast risk is inherently high, as the broker believes the company needs to prove the results achieved so far can be replicated elsewhere.

At this stage, Credit Suisse does not include the model in its earnings estimates or valuation. Outperform rating. Target is $3.60.

Target price is $3.60 Current Price is $3.44 Difference: $0.16If AHG meets the Credit Suisse target it will return approximately 5%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY17 dividend of 20.12 cents and EPS of 27.73 cents.At the last closing share price the estimated dividend yield is 5.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.41.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 20.15 cents and EPS of 29.74 cents.At the last closing share price the estimated dividend yield is 5.86%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.57.

Deutsche Bank forecasts a full year FY17 dividend of 39.00 cents and EPS of 94.70 cents.At the last closing share price the estimated dividend yield is 1.74%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.61.

Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 45.70 cents and EPS of 110.90 cents.At the last closing share price the estimated dividend yield is 2.04%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.16.

Morgan Stanley observes debate around fuel standards changes and how these might impact the Caltex business over the medium term. The broker also notes investors are cautious regarding the company's retail strategy and are not applying any value. Morgan Stanley believes a move into retail is sensible, particularly given the modest amount of capital required at this point.

Morgan Stanley concludes that margins are close to peaking, although there are some that think there may be temporary improvements in margins should regular unleaded be banned. Morgan Stanley notes this did not play out in the UK and, typically, slowing volumes are not good for prices in any industry.

Underweight rating and $27 target retained. In-Line industry view.

Target price is $27.00 Current Price is $32.12 Difference: minus $5.12(current price is over target). If CTX meets the Morgan Stanley target it will return approximately minus 16%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Morgan Stanley forecasts a full year FY17 dividend of 117.00 cents and EPS of 234.00 cents.At the last closing share price the estimated dividend yield is 3.64%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

Current consensus DPS estimate is 117.3, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 101.00 cents and EPS of 201.00 cents.At the last closing share price the estimated dividend yield is 3.14%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

Changes to FX assumptions have led Deutsche Bank to revise earnings forecasts for engineers and contractors. Forecasts for earnings per share have mostly increased because of the depreciation of the Australian dollar against other currencies.

Hold retained. Target is reduced to $5.85 from $5.91.

Target price is $5.85 Current Price is $6.38 Difference: minus $0.53(current price is over target). If DOW meets the Deutsche Bank target it will return approximately minus 8%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Deutsche Bank forecasts a full year FY17 dividend of 26.00 cents and EPS of 35.00 cents.At the last closing share price the estimated dividend yield is 4.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.23.

Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 32.00 cents and EPS of 46.00 cents.At the last closing share price the estimated dividend yield is 5.02%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

Credit Suisse forecasts a full year FY17 dividend of 30.00 cents and EPS of 39.00 cents.At the last closing share price the estimated dividend yield is 4.39%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 31.00 cents and EPS of 41.00 cents.At the last closing share price the estimated dividend yield is 4.54%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.66.

Deutsche Bank observes the outlook for the company is positive given the ramp up of the Louisiana plant, quarry & construction demand in the US and gains in the US coal market. This is tempered by recent declines in global fertiliser prices.

The broker observes the urea price appears to have stabilised although the ammonia market has excess supply and the risk is that this will flow to lower diammonium phosphate prices.

Deutsche Bank retains a Buy rating and reduces the target to $4.15 from $4.35.

Target price is $4.15 Current Price is $3.43 Difference: $0.72If IPL meets the Deutsche Bank target it will return approximately 21%(excluding dividends, fees and charges).

Deutsche Bank forecasts a full year FY17 dividend of 12.00 cents and EPS of 21.00 cents.At the last closing share price the estimated dividend yield is 3.50%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.33.

Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 25.00 cents.At the last closing share price the estimated dividend yield is 4.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.72.

Citi forecasts a full year FY17 dividend of 16.20 cents and EPS of 34.00 cents.At the last closing share price the estimated dividend yield is 2.10%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.68.

Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 38.90 cents.At the last closing share price the estimated dividend yield is 2.59%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.82.

Stockbroker Morgans initiates coverage of this "digital healthcare company" with an Add recommendation and DCF-based price target of $1.20 with the explicit added comment that an investment in Medibio is only appropriate for investors with a higher risk profile.

Medibio specialises in evidenced based screening and diagnosis of mental health illnesses, explains the broker, including Major Depressive Disorder (MDD) which affects approximately 10% of the population.

The company's objective mental health testing system is backed by over 15 years of research. The company is expected to start generating revenues from FY18 onwards. On Morgans' projections, significant revenues should start flowing in from FY20.

Target price is $1.20 Current Price is $0.36 Difference: $0.84If MEB meets the Morgans target it will return approximately 233%(excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.40 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.18.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 4.90 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.35.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

The updated definitive feasibility study on Rentails has confirmed the economics of the project are robust. Macquarie already incorporates the development in its estimates.

Macquarie makes modest changes to earnings forecasts, reducing FY17 earnings estimates by -6% after making final mark-to-market adjustments for the fourth quarter.

The Nifty mine is expected to grow copper output to over 40,000tpa. The broker calculates, with full production at Nifty and Renison likely in FY20, the business will trade at free cash flow yield of over 25%. Outperform rating and $1 target retained.

Target price is $1.00 Current Price is $0.71 Difference: $0.29If MLX meets the Macquarie target it will return approximately 41%(excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 0.90 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 78.89.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of 5.20 cents.At the last closing share price the estimated dividend yield is 1.41%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.65.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank forecasts a full year FY17 dividend of 13.00 cents and EPS of 43.30 cents.At the last closing share price the estimated dividend yield is 1.39%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.55.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 14.80 cents and EPS of 49.20 cents.At the last closing share price the estimated dividend yield is 1.59%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.96.

As the company has secured two process-water supply agreements for its McPhillamys gold project in NSW, Citi analysts point out water supply has been one of the major challenges to development, so this is one positive news announcement.

The company has reported two supply options. Target price remains at $3.75 with a Buy rating.

Target price is $3.75 Current Price is $3.68 Difference: $0.07If RRL meets the Citi target it will return approximately 2%(excluding dividends, fees and charges).

Citi forecasts a full year FY17 dividend of 16.80 cents and EPS of 28.30 cents.At the last closing share price the estimated dividend yield is 4.57%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 21.10 cents and EPS of 34.90 cents.At the last closing share price the estimated dividend yield is 5.73%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.54.

Credit Suisse forecasts a full year FY17 dividend of 14.97 cents and EPS of 24.37 cents.At the last closing share price the estimated dividend yield is 4.07%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 21.72 cents and EPS of 36.20 cents.At the last closing share price the estimated dividend yield is 5.90%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UPDATED

Macquarie rates RRL as Neutral (3) -

The company has signed an agreement with Centennial Coal ((CEY)) and Energy Australia for securing water to the McPhillamys gold project in NSW. Macquarie expects the project to deliver 180,000 ozs per annum. First gold is expected in late 2019 or early 2020.

Enough wastewater has been sourced from the Springvale mine and the Mount Piper power station to supply a 7mtpa plant. The company will be accountable for all capital expenditure and operating expenses of the required pumps and pipelines.

Neutral rating and $3.20 target.

Target price is $3.20 Current Price is $3.68 Difference: minus $0.48(current price is over target). If RRL meets the Macquarie target it will return approximately minus 13%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Macquarie forecasts a full year FY17 dividend of 15.00 cents and EPS of 26.00 cents.At the last closing share price the estimated dividend yield is 4.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.15.

Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 37.50 cents.At the last closing share price the estimated dividend yield is 5.98%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.81.

RATING SUMMARY

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